Under the patronage of the Minister of Islamic Affairs, Endowments, Da’wah, and Guidance, Sheikh Saleh bin Abdulaziz Al Sheikh, the Third Endowments Forum—organized by the Riyadh Chamber of Commerce and Industry, represented by its Endowments Committee—kicked off yesterday, at the King Faisal Conference Hall at the InterContinental Hotel in Riyadh from February 14–15, 2016
During the forum’s official opening ceremony, Al-Sheikh identified weaknesses in Saudi endowments, namely a lack of organization and low levels of trust, emphasizing the need to boost confidence by establishing endowment centers in multiple regions across the Kingdom, His Excellency the Minister revealed that ownership of 120,000 waqfs in the Kingdom will be transferred to the Waqf Authority, noting that the Kingdom is witnessing a movement to establish various organizations that serve businesspeople in protecting their waqfs.
Al-Sheikh called for the development of a new regulatory framework for the Endowments Authority that accommodates all forms of endowments, is flexible, and is open to modernization. The minister pointed to the obstacles facing endowments, including the relationship between government agencies, and certain issues within the waqf system. Al-Sheikh hinted that the Ministry needs to revitalize waqfs, oversee their management and operations, and improve their legitimacy, emphasizing that opportunities should be given to experts in the field.
For his part, Abdulrahman Al-Aqil, chairman of the forum’s organizing committee, affirmed that the adoption of the General Authority for Waqfs system marks a historic turning point in the history of waqfs, noting that the system supports and encourages businessmen and businesswomen interested in establishing waqfs. Al-Aqil predicted that the future would see steady growth in this sector under stimulating and encouraging regulations and legislation, noting that the Endowments Forum has become a key player in driving the sector forward, spreading the culture of endowments, and strengthening and improving practices within it, as it has, throughout its history, raised issues of strategic importance that contribute to serving society.
The chairman of the forum’s organizing committee noted that the outcomes of previous forums have helped stir stagnant waters within society at large by fostering an interest in and desire for waqf, as the recommendations from those forums were implemented, confirming their success, through coordination and cooperation with relevant authorities. These include the activation of the General Authority for Waqfs and the issuance of its regulations by the Council of Ministers, as well as the regulations governing endowment companies and nonprofit organizations currently being developed by the Ministry of Commerce and Industry; the establishment of advisory offices for wills and endowments within the courts; the designation of specialized divisions for wills and endowments in the Personal Status Court; and other recommendations.
